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Republic of Kazakhstan: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Kazakhstan

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  • International Monetary Fund

Abstract

Kazakhstan’s economy is showing clear signs of overheating. After growing by around 5 percent in 2023 and 2024, the economy is expected to expand by 6.2 percent in 2025, fueled by rising oil production, a loose fiscal stance, expanding quasi-fiscal activities, and rapid consumer lending. Inflation remains stubbornly high at around 12½ percent and the current account deficit is widening. The outlook faces elevated risks from persistent inflation, an uncertain external environment, and weaker oil prices.

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  • International Monetary Fund, 2026. "Republic of Kazakhstan: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Kazakhstan," IMF Staff Country Reports 2026/017, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2026/017
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